Twenty-First Century Fox (NASDAQ: FOX) announced Tuesday that it is withdrawing its bid for Time Warner (NYSE: TWX).

Rupert Murdoch wrote in a statement that this was a great opportunity, but that Time Warner management refused to engage with his company to explore a highly compelling offer.

Instead, the board authorized a $6 billion share repurchase program. The company didn't say how it will fund the program, although it inked a $9 billion deal last week to sell its Italian and German pay-television business to British Sky Broadcasting Group.

Time Warner was recently down 11 percent after-hours, while Twenty-First Century Fox gained more than seven percent.